Group Psagot for Finance and Investments (TASE: GPST), controlled by Rani Zim, has reported signing memorandum of understanding to buy all the shares in unmanned ground vehicles company Roboteam, which develops and manufactures robots for military and security missions.
According to the MoU, all of Roboteam's shares will be transferred to Psagot, and in exchange, the company's current shareholders will be allocated 56.3% of the public company's shares at a value of $40 million for Roboteam, as well as options that, under certain conditions, will be able to increase their stake to 70%. Completion of the transaction is conditional, among other things, on the performance of a due diligence, various approvals, as well as on the fact that the cash in the Psagot fund will be at least NIS 100 million, and without other assets and liabilities. This is expected to be achieved after the sale of the remaining financial activities of Psagot is completed.
Roboteam was founded in 2009 by Yossi Wolf and Elad Levy. Current shareholders include Elbit Systems (21%), which has a strategic agreement with the company, and the Italian insurance group Generali (11%). The company is currently led by CEO Matan Shirvi and chairman Uzzi Rozzen.
Roboteam sells its products in more than 30 countries. The company says that in 2024, revenue based on the existing order backlog could reach $12 million, and is expected to grow in 2025 by over 50%. The company is profitable in EBITDA terms.
Published by Globes, Israel business news - en.globes.co.il - on June 9, 2024.
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